USDA raises US sugar imports estimate by 400,000 short tonnes
- The USDA now expects the country to ship 271,750 more short tonnes of sugar to the United States in the season to a total of 1.16 million short tonnes.
- There were new adjustments to US sugar production.
NEW YORK: The US sugar stocks-to-use ratio projection for the 2020-21 season jumped to 13.5% on Thursday versus 10.6% seen in November as the US Department of Agriculture (USDA) raised its estimate for the country's sugar imports by around 400,000 short tonnes.
In its monthly supply and demand report, the USDA revised up its view for US sugar imports to 3.42 million short tonnes raw value (STRV) versus 3.02 million short tonnes in November.
The import increase will come mostly from Mexico. The USDA now expects the country to ship 271,750 more short tonnes of sugar to the United States in the season to a total of 1.16 million short tonnes.
There were new adjustments to US sugar production.
"Beet sugar production is reduced by 40,396 STRV to 4.859 million on processors' forecasts of national sugar beet production lower than that forecast last month," said the department.
US sugar production for 2020-21, including both beet and cane sources, was forecast at 8.96 million STRV from 9 million in November and 9.26 million in October.
Total sugar use in the United States is seen at 12.34 million STRV, unchanged from November but below the 12.46 million seen in the 2019-20 season.
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